What is Soulmade specialised in?

Video production, Events & experiences.

Around 3 full-time equivalents (financial year 2025).

Which sectors does Soulmade work for?

Energy & environment, Industry & manufacturing, Education & training, Telecom & media, Healthcare & pharma.

Review: Soulmade

Q: Who are the clients of Soulmade?

Among others NMBS, Wit-Gele Kruis Antwerpen, POM West-Vlaanderen, Sibelga, Teksam Company, Telenet, Doctors Without Borders, Visit Antwerpen, Attentia, Little Harry, Poolster Producties, Creonis, Capital, Think Beyond.

Soulmade bestaat sinds 2016 en profileert zich als productiehuis uit Antwerpen. Er werken ongeveer 3 mensen, uitgedrukt in voltijdse equivalenten. De opgegeven expertise is video & productie en events. De klanten komen vooral uit industrie/training, energie, zorg/welzijn en telecom.

1

How this agency makes money

Revenue, margin and what an hour of work brings in. Everything on the earning side sits together here.

Revenue trendgross margin per financial year

20212022202320242025

Latest year: € 60.944 gross margin, growth -30,8% against a sector median of 0%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

SoulmadeSector median

EBITDA margin -, sector median 45,7%. Value-added coverage 0,34 (median 1,46).

No margin data

Revenue per headGross margin per FTE, against payroll cost

€ 23.440

Median (2025) € 77.875

Against a payroll cost of € 64.691 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 14

Median (2025) € 48

4.435 hours worked, 1.706 per FTE. Against that sits € 38 of payroll cost per hour worked, leaving € -24 for premises, equipment, depreciation and profit.

Below the median

No hourly rate follows from this. Gross margin is already net of services and sundry goods, which mixes rebilled production with the agency's own overhead, and the accounts do not say how many hours were billable. Deriving a rate from this systematically understates it.

2

Can the agency take a hit

Buffer, cash position and payment behaviour side by side, so you can see where they disagree.

Bufferequity in months of payroll

Buffer: 21,3 months (median 9,9 mo). Equity in the latest year: € 302.822.

Adequate buffer

Cash positionAvailable cash, and whether it covers short-term debt

Cash € 304.232. Liquidity ratio 3,14: current assets cover short-term debt in full. Solvency 52,9%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 185 days of supplier credit, sector median 58. The accounts were filed 212 days after closing; the legal deadline is seven months.

Pays slower than average

3

Signals and strengths

Events from the CBE and the Official Gazette over the past 24 months, plus positive markers derived from the figures.

Continuity

1 red flag(s) (24m)

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Two consecutive loss-making years · 31 Dec 2025 · NBB
Two financial years in a row closed at a loss. That can be an investment period, or a client that fell away. Ask what explains the pattern and what has changed since.
Low value-added coverage · 31 Dec 2025 · NBB
Every euro of payroll generates less than 95 cents of added value. That happens in a build-up year, with a lot of subcontracting, or under pressure on rates. Ask what explains it here.
Sharp drop in equity · 31 Dec 2025 · NBB
The financial reserve shrank by more than 30% over two financial years. A dividend, buying out a partner and a loss-making year all look the same here. Ask which of the three it was.
Board change · 1 Dec 2025 · Staatsblad
Appointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.
Board change · 26 Sep 2025 · Staatsblad
Appointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.
+ 3 older signals within 24m

Click a signal for a plain-language explanation. Each signal is a fact from a public source, without the agency's own context. Best to ask them directly.

What this agency does well

Strong buffer: 21,3 months of payroll in equity
Healthy working capital (current ratio 3,14)
Comfortable cash position: 660 days of payroll

Each point is a fact from the filed annual accounts, measured against the same thresholds and sector medians as the signals above.

4

All the figures

Reference material, not a starting point. Expand it if you want to read the series yourself.

5 financial years, 2021 to 2025Result, staff and balance sheet

	2021	2022	2023	2024	2025
Result
Gross margin	€ 422.501	€ 487.409+15,4%	€ 697.603+43,1%	€ 88.092-87,4%	€ 60.944-30,8%
EBITDA	€ 191.897	€ 140.104	€ 237.429	€ -212.139	€ -111.842
EBITDA margin	45,4%	28,7%	34%	-	-
Staff
FTE	4,8	5,9+22,9%	7,3+23,7%	-	2,6
Gross margin per FTE	€ 88.021	€ 82.612	€ 95.562	-	€ 23.440
Payroll cost per FTE	€ 43.992	€ 49.732	€ 57.168	-	€ 64.691
Balance sheet
Equity	€ 273.994	€ 372.167	€ 545.116	€ 213.741	€ 302.822
Cash	€ 154.097	€ 194.946	€ 327.775	€ 83.579	€ 304.232
Liquidity ratio	3,36	3,88	7,37	3,46	3,14

Payroll cost per FTE comes from the social report where available, otherwise from the Remuneration line. Both are gross costs including employer contributions.

What this factsheet does not know

How good the work is. Figures do not measure creativity, strategy or chemistry.
How the client portfolio is spread. Concentration is not in the accounts.
Freelancers and subcontractors are not in the FTE figures. An agency with 40 staff may in practice run with 70 people.
The figures cover financial year 2025, filed on 31/07/2026. At a fast-moving agency reality today may differ.

Based on publicly filed annual accounts (NBB) and official records (CBE, Belgian Official Gazette). An indication, not financial advice. Sector medians calculated on 2 Nov 2026. Sector medians based on financial year 2025: the last year for which nearly all accounts have been filed.

What the agency actually does 2 services

Content & Production

Video production

Events, Sponsoring & Activation

Events & experiences

Sector focus

Automotive & mobilityHealth & pharmaEnergy & utilitiesPublic sector & governmentTelecom

Publicly known clients

NMBS, Wit-Gele Kruis Antwerpen, POM West-Vlaanderen, Sibelga, Teksam Company, Telenet, Doctors Without Borders, Visit Antwerpen, Attentia, Little Harry, Poolster Producties, Creonis, Capital, Think Beyond

Based on IKAg research and public sources. Incomplete or outdated? Let us know.

1

People 4 people mapped

The heart of this team is creative: 2 of 4 profiles are makers. A small team: short lines, little noise between you and the makers.

A

Andries

K

Kris

M

Marijn

S

Sander

Based on public profiles. Something wrong? Let us know.

2

Seniors or juniors?

Payroll cost per FTE is the best public proxy for a team's experience level. Higher is not automatically better, but it says something about who sits at the table.

Payroll cost per FTE

€ 64.691

+17% versus the median

Team composition

2,6 FTE

€ 64.691

Median Productiehuis (2025) € 55.256All agencies (2025) € 62.294

Read with care. Directors and partners invoicing through a management company are not in the payroll cost. At small agencies this skews the picture downwards considerably.

3

Will your team stay?

Inflow and outflow from the social report. This series only counts people on the payroll: freelancers who invoice do not appear in it. A low figure therefore means two very different things, a stable permanent team or a small core with heavy outsourcing. A high figure usually points to short contracts. Compare only within the same type of agency.

Exits 2023

54,8%

Median for this type of agency (2025): 30,8%

Inflow 2023

52,1%

3,8 FTE in, 4,0 FTE out

Net team change

-0,2 FTE

2021202220232025

Figures for financial year 2023: in 2025 this agency published no inflow or outflow.

Exits are clearly above what is usual for this type of agency. That may reflect project-based staffing, but it is a reason to ask in the pitch how much of the proposed team was already here two years ago, and to contractually fix your permanent contacts.

Source: annual accounts and social reports (NBB), collected by IKAg. Financial year 2025. Calculations by IKAg; an indication, not financial advice. Sector medians based on financial year 2025: the last year for which nearly all accounts have been filed.